Jupiter Hospital Stock Lists at Premium, Rises 32.38% on Market Debut; Buy, Sell or Hold?

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Last Updated: September 18, 2023, 10:03 IST

Jupiter Hospital Lists on BSE, NSE

Jupiter Hospital Lists on BSE, NSE

The Rs 869-crore initial public offering of the hospital chain was subscribed 63.72 times during September 6-8

Jupiter Life Line Hospital Shares List on BSE, NSE: Shares of Jupiter Lifeline Hospitals Ltd listed on the bourses at a premium on Monday. On the NSE, Jupiter Lifeline share price today was listed at Rs 973 per share, 32.38% higher than the issue price of Rs 735, and on the BSE, Jupiter Lifeline share price was listed at Rs 960 per share.

The Rs 869-crore initial public offering of the hospital chain was subscribed 63.72 times during September 6-8, majorly backed by qualified institutional buyers who bought 187.32 times the allotted quota. High net-worth individuals and retail investors provided support to the issue, putting in bids 34.75 times and 7.73 times the portion set aside for them.

Jupiter Life Line Hospitals operates three hospitals in the Mumbai Metropolitan Area (MMR) and western region of India with a total capacity of 1,194 beds as of March 2023.

The multi-specialty tertiary and quaternary healthcare provider has also started the construction for the fourth multi-speciality hospital in Dombivli, Maharashtra, with a capacity of over 500 beds.

On the financial front, Jupiter Hospital has shown a consistent improvement in performance which Masdekar feels is likely to be augmented through the retirement of debt from the IPO proceeds.

The Mumbai-based company will use the net fresh issue proceeds mainly for repaying debt worth Rs 510.4 crore, and the rest for general corporate purposes. Its total borrowings stood at Rs 476.4 crore as of March FY23.

The market capitalisation of the company stands at Rs 4,819 crore at Rs 735 per share, the upper price band.

The company, promoted by Ajay Thakker, Ankit Thakker and Western Medical Solutions LLP, recorded a profit of Rs 72.9 crore for the fiscal FY23, up 42.6 percent over the previous year, backed by revenue from operations that increased 21.7 percent on-year to Rs 892.5 crore, while its EBITDA (earnings before interest, tax, depreciation and amortisation) jumped 31.2 percent to Rs 201.3 crore. The EBITDA margin for FY23 expanded 163 bps to 22.55 percent.

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